Question: (1) Find the present value (one period before the first payment) of an annuity- immediate that lasts five years and pays $3,000 at the end

(1) Find the present value (one period before the first payment)

(1) Find the present value (one period before the first payment) of an annuity- immediate that lasts five years and pays $3,000 at the end of each month, using a nominal interest rate of 3% convertible monthly. Then repeat the problem using an annual effective discount rate of 3%. Which is higher? Why

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